In the last few days, the price of Ethereum has been rising.
The low of the last few months hit on June 26, when the price fell just above $ 1,700, but has since started a rally that took it to nearly $ 2,400 on July 5, a 40% gain. in less than ten days.
The price now hovers around $ 2,300, but is still 46% lower than the all-time high recorded just two months ago at over $ 4,300.
It should be noted that a month ago the price was above $ 2,700, so the rise really started a few days ago, since from mid-May until almost the end of June the price actually continued to fall.
However, not only does the descent appear to have stopped, at least for now, but there are also some bullish signs.
Santiment data on the price of Ethereum
Santiment revealed how, after last week’s peak, both the number of single addresses active daily and the level of deposits have stabilized returning to the levels of February, when the price of ETH was around $ 1,700.
📉 After #Ethereum's spike in activity last week, both overall unique addresses and deposits have settled down and returned to February levels. Look for the orange active addresses to surpass pink active deposits on this chart as a #bullish $ETH signal. https://t.co/lUcaffxSfB pic.twitter.com/bUPceKOnGU
— Santiment (@santimentfeed) July 5, 2021
The number of individual addresses active on-chain daily had remained relatively stable until April, when it started growing.
It had a first peak in mid-April, more or less concurrently with the ATH of the bitcoin price, and then had a new major peak just before mid-May, which coincided with the ATH of the ETH price.
From the moment the price of ETH began to drop, the number of active addresses literally collapsed, almost halving within 30 days.
After a very short new peak more or less concurrent with the price drop to $ 1,700, it is now back to its February levels.
The level of daily deposits, on the other hand, underwent less variations, but the overall trend was similar.
In the event that the orange curve of the number of active addresses returns above the pink curve of the deposits according to Santiment, it would be a bullish signal.
It should also be said that very often the trend of the bitcoin price is reflected on that of the altcoins, therefore in the event of a recovery of BTC also the price of ETH could follow suit. In other words, it is also advisable to observe the signals coming from the analysis of the bitcoin price to evaluate the possible movements of Ethereum.